Oh, this is horrifying.
"The president looked relaxed and was sitting
behind the Resolute desk. He felt he’d made the major decision that
everyone had been asking for. That always seemed to relax him. He liked
being decisive. Excuse me, boldly decisive. The president seemed to be thinking of his memoirs. “This might go in as a big decision,” he mused.
“Definitely, Mr. President,” someone else observed. “This is a large decision.”
“We can’t even defend our own proposal?” the president asked. “Why did
we propose it, then?” This was not bold decision making. There were
about a dozen people gathered in the theater to watch him rehearse, and
all of us remained silent as the president looked at us for an answer.
“Why did I sign on to this proposal if I don’t understand what it does?” he asked.
The president understood the danger of talking constantly about the
economy, especially if he had nothing new to say. “It’s hard to keep
that kind of pace,” he said, noting that people would start tuning him
out. The real problem, which no one at the White House seemed willing
to confront, was that the country already had tuned him out.
The president didn’t have credibility anymore. At one point, during
another of our marathon speechwriting sessions, Steve Hadley and Fred
Fielding, the White House counsel, let us know that the president
needed an FDR line—like “We have nothing to fear but fear itself.” The
president had his own suggestion for such a line, however: “Anxiety can
feed anxiety.” So we produced a speech with no real information and our
FDR knockoff line. Here were some of the kinder reviews: “lackluster”;
“there is no news here”; “the president should go away for a while.”
The stock market dipped further.
As Treasury started to use the bailout funds to invest directly in
financial institutions, Ed wanted to come up with a name for the plan
that made it sound better to the public, particularly conservatives who
thought this was nothing more than warmed-over socialism. Yes, a
catchphrase would solve everything. As we were working on this, Ed
called a few of the writers on speakerphone with the idea he’d come up
with: the Imperative Investment Intervention. “Oh, that sounds good,”
one of us remarked, as the rest of us tried not to laugh. We decided
that if a catchphrase must be deployed, surely we could come up with
something better than a tongue twister with the acronym III. We started
out with dark humor: the “I Can’t Believe It’s Not Capitalism” Plan;
the MARX Plan. I suggested that we also apologize to the former Soviet
Union and retroactively concede the Cold War. Then one of the writers
got serious and came up with the Temporary Emergency Market Protection
Program, or TEMP. Not bad as gimmicks go, and Ed liked it. But he
decided that instead of dropping it into a speech, we’d leak it to the
press that this was the phrase we were using internally. Ed’s logic was
that anything Bush said would be ignored, but if the press thought
they’d got it from a leak, they’d find it more interesting and
newsworthy. TEMP never made it as a catchphrase regardless.
“You think I wasn’t qualified?” he said to no one in particular. “I was qualified.”
At one point, he looked off into space and said to no one in particular, “What is this—a cruel hoax?”